Having completed a detailed review of our longer-term prospects, I am pleased to confirm that Coca‑Cola HBC is well positioned to continue on its successful path of delivering strong, sustainable organic profit growth. Near-term, we expect a rebound in volume growth from 2004 levels. Despite higher raw material costs in 2005, our revenue growth and other cost saving initiatives should allow us to maintain our current gross margins. Longer-term, we continue to see exciting prospects, as past and future investment provide a robust platform for growth. Our continuing focus on broadening our beverage portfolio and optimising our execution is expected to deliver strong growth from our markets, as it has done since our inception in 2000. In recognition of our future prospects, we are proposing to raise our dividend by 40% for 2004, and will look to maintain our dividends within a pay-out ratio of 20-30% which approximates a Dividend Per Share (DPS) increase of 5% per annum.’